Step 1: Universal applicability:
The principles of management can be used in all types of organisations, whether business or non-business, big or small, public or private, and manufacturing or service.
For example, planning and discipline are needed in a bank as much as in a school.
However, the extent of use varies with the nature of the organisation, the activity and the scale of operations.
Step 2: General guidelines:
Principles show the way for action, but they do not give readymade solutions for every managerial problem.
Real business situations are complex and dynamic, and they depend on many factors, so no fixed formula can suit every case.
Even a small guideline helps to solve a problem, so the importance of principles cannot be ignored.
Final Answer:
Principles are universal in use and act as general guidelines and not readymade solutions.